Are The Bears Coming For Energy Next? | The Mesh Report

Are The Bears Coming For Energy Next?

Christian Tharp, CMT March 15, 2023 Comments Off on Are The Bears Coming For Energy Next?

With all that’s going on in the market, the energy sector is another area of the market were money is being sucked right out of. Oil prices failed a support level we had on watch of 72.5 and now oil is trading at around $68 per barrel.

Since our support level was broken, we took a trade in this sector to take advantage of the lower prices. In our crosshairs, SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which will grant us blanket exposure to a wide variety of energy companies, which should all follow oil’s lead should lower prices be imminent.

Take a look at my video below to find out my levels on this ETF and for a possible entry point into some bearish plays.

Read More and Watch the Video at Wealthpop

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